USDJPY Could Move Higher But Patience Is A Virtue

FX:USDJPY   U.S. Dollar/Japanese Yen
Looking at USDJPY             , you can see what appears to be a very clear downtrend alongside a 200-DMA (currently at 109.20), Ichimoku Cloud , and Andrew’s Pitchfork (purple).

The impressive move higher is still taking place within a larger downtrend, which the various indicators on the chart above show you. Of the three indicators, Ichimoku Cloud would be one of the first to register a Bullish signal on a break and close above 105.20 (the lower flag). The next breakout of a long-term indicator would be a daily break and close above the 200-DMA (currently at 109.20), which you can see in the chart below has provided a good bias for longer-term trends.

Lastly, the Andrew’s Pitchfork (purple) would not concede that Bear Run is likely over until a break above the upper parallel line that aligns nicely with the 38.2% retracement of the 12-Month Range at 109.20 (the higher flag).

One more thing, the down move since last Sept has been seen with a slightly up-trending RSI . An RSI which is trending higher while a pair is trending lower often signals a reversal, it's the timing which is the difficult part.
Great analysis!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out